We have developed an extensive electronic recording footprint, focusing on high population states. Our current eRecord footprint covers over 45% of the US population, and we are actively pursuing a 55% coverage goal. (At present, all potential eRecord jurisdictions account for 63.2% of the U.S. population.)
The 10 Myths of eRecording
At Indecomm, we maintain an emphasis on eRecording as the only practical solution to the recording failures of the Great Recession.
Since the publication of the URPERA Enactment and eRecording Standards by the Property Records Industry Association in January 2006, eRecording has been slow to catch on in the country. To date, only Arizona and Colorado offer 100 percent eRecording, but the states of South Dakota, Mississippi, Kentucky, West Virginia, Rhode Island, Vermont and, surprisingly, New York do not offer eRecording.
The source of the eRecording inertia lies in several critical myths about eRecording.
"Funding is better spent clearing up the backlog versus eRecording."
There is a broad belief among the recording industry that funding for eRecording, even if it becomes available, would be more usefully employed in digitizing the current backlog. This is a myth because the efficiencies of eRecording future documents will be lost and the backlog is unlikely to be resolved because these are manual processes as well. The manual processes which created the backlog will remain in place.
"eRecording requires workarounds for items such as mortgage registrations tax."
eRecording, if properly done, addresses all of the facets of a jurisdiction's requirements. Workarounds are not necessary since they can be embedded in the eRecording process.
"eRecording requires extensive staff training."
This may have been true in the early days of eRecording, but changes in technology and society as a whole have made eRecording easy. Optical scanners are now highly sensitive and reliable as well as cheap and easy to use. In addition to that, computers are ubiquitous in society at large and it would be typical for the staff to have any number of them at home.
"The Internet is unreliable and eRecording will bring the county to a halt."
All systems, including the telephone, have their weak moments. We at Indecomm believe that using eRecording through InteleDoc Direct™ is an effective choice but the capacity for mail-away should be preserved as a backup. This is a simple process through our recording web site.
"The initial set up and high installation costs make eRecording prohibitive."
We at Indecomm resolve this problem by making all eRecording costs through our systems to be on a per item basis. As a result, eRecording with Indecomm is a variable cost, not a fixed cost.
"The documents and signatures are not original so they are not official."
States authorizing eRecording have adopted legislation making electronic submissions official documents.
"eRecording systems can be hacked and are not reliable."
Every eRecording jurisdiction should follow the PRIA guidelines for properly securing electronically recorded data. First, threats need to be identified, followed by the adoption of policies and procedures; then, a mitigation of any actual damage needs to occur. eRecording in this sense is no more vulnerable than physical recording, which also requires a disaster recovery program. If a courthouse catches fire, records still need to be protected.
"Vendors with the largest number of counties are the best choice."
This is a quality versus quantity issue. It is important that the vendor selected has sufficient scale and expertise, but that is not necessarily an issue of the number of jurisdictions covered. Other parameters are more important. For example, what is the company's first time acceptance rate? How long has the company been in the mortgage recording business? Can they support your entire operations, including mail-away solutions?
"eRecording only requires an icon on my desktop."
This may be true from the user's perspective, but the icon has to bring up a broad knowledge base, including specific details like fees and deadlines for each county. Systems and mortgage experts at Indecomm maintain and update our extensive knowledge bases so that you don't have to.
"eRecording is fully automated and removes the need for further support."
Anyone who has ever used software understands that system support is always a requirement. No computer product can ever anticipate all the variation in user needs. Nor should a vendor assume that it has managed to anticipate all the possible configuration problems on the users' end. Indecomm is a complete solution, and that includes a phone number and access to a help desk and subject matter experts.
eRecording Fact Sheet
What is eRecording?
eRecording is a safe and efficient way to record real estate documents and improve document turnaround times.
Types of eRecording
There are several. Level 2 is the most popular, sending images and some data.
Who are the parties involved in an eRecord transaction?
Title companies and lenders, as well as submitting agencies and counties.
How do I start eRecording with Indecomm?
- Execute Memorandum of Understanding
- Establish connectivity, with I.T. support
- Send test documents
- Set up payments
- Start eRecording
Who are we?
Indecomm Global Services is a leading provider of consulting, outsourcing, learning, and technology solutions.
What do we do?
Indecomm's document management solutions include lien release, assignment preparation, and mortgage recordings. We record in all 3,600 jurisdictions and eRecord in 699 counties as of now. We are one of the industry's largest independent mortgage recording providers.
What are our services?
- Mortgage recording
- Lien release preparation and recording
- Assignment preparation and recording
- Post-closing audit
- Title policy print and mail
- Final document tracking
eRecording: E For Efficiency
The massive downsizing in mortgage industry staffing that occurred during the Great Recession of 2008 is still fresh in the minds of many. Now, as new mortgage volumes increase and seasonal strength adds to the growth in home sales, avoiding the mistakes of the past becomes a priority. All areas of the mortgage business need to be explored for efficiencies so that costly swings in staffing are not repeated. Real estate document recording is one area that should be inspected closely for added efficiencies. The mortgage industry has a long-standing, often underutilized tool - eRecording. Electronic recording is a proven concept that delivers fast and smooth recording of deeds, assignments, security instruments, and other standard real estate documents. Using it shortens turn times, improves quality, and reduces risk for lenders and the industry as a whole. Benefits like that come at a cost, but like other types of automation, the frustrations that may occur with the initial adoption are more than offset over the long term.